Blockchain technology to revolutionize the gaming industry in 2023 – News Block

Techies in the gaming industry have always been the guinea pigs of the tech world, and right now they are full of buzz about blockchain technology.
It is now believed to be the world’s leading software solution for digital assets.
After finding its successful application in almost all fields including finance, agriculture, and geospatial areas, blockchain, the decentralized technology developed by an anonymous Satoshi Nakamoto, is now entering the gaming space.
In fact, some believe that the gaming industry is the first to see the next generation using blockchain technology.

The gaming industry journey

Since ancient times, games have been an eternal part of human culture for social interaction. Back then, we didn’t have access to technology and gaming was limited to the real world.
Later, with technological advances, the era of video games was ushered in, after which we had games that could be played on PCs and mobile phones.
Previously, these games were mostly limited to one player or another player sitting next to us. This all changed when game developers introduced massively multiplayer online (MMO) games, games that allow multiple players on the same server. Related:-What is Blockchain technology? How will the blockchain work?
Now, they are trying to shift their focus towards blockchain technology.
Blockchain technology to revolutionize the gaming industry
The gaming industry today
The gaming industry is unique and fascinating for developers, users and investors alike. However, it still has several weak points.
Let us introduce you to some of these, so that you know how blockchain can solve these problems.
Fear of losing digital assets
Some of us spend a lot of time and sometimes money to acquire valuable assets in a game. But, there is always the fear that we may lose any day.
Several scenarios can result in this result. The game creator might shut down, or some central authority might ban us from playing the game.
This happens all the time, since we do not own these digital values. Rather, these are on a centralized server.
Digital assets from one game have no value in another
Suppose you have spent a lot of time and money to get a sword in a game. You complete the game and want to move on to the next one. Related:-Blockchain Technology Explained
You cannot use this sword in the new game, as it does not belong to you (even though you spent time and money to acquire it). You also can’t trade it for something else in another game.

Separate servers for different regions

In an MMO RPG, there are separate servers for different regions. In fact, many secondary servers are required to form the complete system.
So if there are players from different regions, multiple servers are used. Also, if a server goes down, a large area loses connectivity.
Microtransaction is a myth
Free games are based on the strategy of offering low-cost items, which are upgraded step by step by paying an almost negligible amount. Gradually this small amount can add up to a large amount.
For example, a game might offer a sword for US$15 and then upgrade it to the next level for US$0.25. Game developers can add, say, 100 enhanced features.
We as gamers don’t think long before buying something worth $0.25. Therefore, more of us end up buying an item and upgrading it without knowing how much we end up spending on it.
However, traditional payment methods do not allow these microtransactions. Payment channels like PayPal charge US$0.35 + 2.5 percent of the transaction amount. Therefore, the true microtransaction is a myth in the gaming industry at the moment.

The developers are cheated
Credit card companies, especially in Western countries, are extremely good at protecting the rights of their customers. If you have a problem with a purchase with your card, you can file a dispute and request your money back.
In that case, there’s very little a game developer can do.
In addition, game developers have to pay a penalty for each disputed transaction. Because of this, the gaming industry loses millions of dollars in customer support every year.

Blockchain to the rescue

Blockchain technology has the potential to end all of the above problems. Games based on blockchain technology offer solutions for both game developers and gamers. There are endless possibilities that blockchain has to offer. Some benefits are given below.

True ownership of virtual assets

In blockchain games, virtual assets belong to you, since you bought them. Creators can’t remove these assets either.
These virtual assets can be stored in the form of tokens in your digital wallet. Tokens can be fungible or non-fungible. Related: Exide’s electric vehicle battery plant with Swiss-based Leclanche will be operational in December in Gujarat
With blockchain gaming, you don’t lose your digital assets, even if you are banned or quit a game, or the company goes out of business.

game compatibility

Since characters, items or karma from games are stored on the blockchain, it allows you to see your existing characters or items in a game that you have nothing to do with.
This could open up a new era of gaming where characters from different game genres could play together in one game.
In case you are creating your own game, instead of creating new characters, you can use assets from an existing game or invite players from large gaming communities to instantly jump into your game with the characters they already have. This is one of the best features of blockchain technology.

Uniformity in virtual assets of different games

The design of blockchain games is fundamentally different from traditional ones.
These games do not allow in-game currency to be generated infinitely.
Currently, in some games, gold coins can be generated by killing a monster, while in others, gold can be a scarce resource. Blockchain can end this infinite generation of currencies in one game.

Blockchain technology to revolutionize the gaming industry in 2023

End the need for subservers

Blockchain technology in MMO RPGs does away with the need to have different servers or sub-servers for different regions. Related: Sodium batteries will replace lithium-ion ones, says scientist CNR Rao
Therefore, there cannot be a blackout in a particular region due to a failure of the server of that or another region.
Cheap and safe trading of virtual assets
Blockchain allows you to convert your virtual assets into tokens, making them free to buy, sell, and trade at will.
A record of all transactions is present on the blockchain itself, eliminating the threat of fraudulent activity.
In-game characters, items, and the like can be managed through smart contracts, as has been done in Cryptokitties, a game that generated a lot of buzz in the blockchain industry.
Blockchain technology even has the potential to offer microtransactions that involve cryptocurrency in transactions.

Building Blockchain Games

Realizing the potential of blockchain technology for next-generation online gaming, developers have already started using it in various verticals in the gaming industry.
There are several platforms for the development of blockchain games, as well as payment gateways for the purchase of said games.
While some are already on the market, others are in beta mode or have raised funds through Initial Coin Offering.
Each project has its own goal, but together they all look promising to build the future of gaming.

Blockchain Games Available Today

There are many blockchain based games available in the market. Most are based on Ethereum, like Crytopkitties. The game uses ERC 721 tokens, which are non-fungible, indivisible and unique.
It uses smart contracts for the ownership and distribution of virtual cats. It is considered the first non-financial application of the blockchain.
Other blockchain games are Ethermons, Cryptopets, Cryptopuppies, and Etherarmy.
Ethereum is not the only blockchain attracting game developers. A blockchain game called Spell of Genesis is based on Bitcoin.

payment systems

There are a number of blockchain-based platforms that are designed to sell, buy, and promote games online. Some of these are GameCredits, Enjincoin, and Refereum.
Gaming corporations, such as Valve Corp., allow you to purchase games through Bitcoin.
The platform for building blockchain-based games
Such platforms promise to offer all of the above-mentioned features for blockchain gaming. These aim to make it simpler to own, trade, and trade virtual assets.Related:-PS4 Price In India Drops To Rs. 29,990, new 1TB package available mid-September

Platforms like Bitguild and Chimaera are expected to launch this year. There are other platforms like Decentraland and Voxelus that offer a virtual space for blockchain-based 3D graphics and gaming.

Blockchain technology has already begun to spread its roots in almost every vertical in the gaming world.

From tokenizing virtual goods to improving betting and payouts, each field is going through various experiments.

Although it has a lot to offer, there are speed issues with blockchain, especially when it comes to MMO RPGs.
Currently, we have a blockchain-based MMO RPG, but it is still in beta mode.

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Related:-What is Blockchain technology? How will the blockchain work? 2020

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